PayPal to lay off 2,000 employees in coming weeks, about 7% of workforce
Publishing timestamp: 2023-01-31 16:00:42
Summary
PayPal announced plans to lay off 2000 employees, or around 7% of its workforce, due to a challenging macroeconomic environment. The company has made progress focusing resources on core priorities and rightsizing its cost structure, but the layoffs are still difficult. The announcement follows other tech companies who have also announced job cuts. PayPal beat on earnings and revenue expectations in its third-quarter earnings report, but shares slid after the fourth-quarter revenue estimate came in behind analysts' expectations.
Sentiment: NEGATIVE
Tickers: PYPL, MSFT, CRM, GOOGL,
Keywords: paypal holdings inc, microsoft corp, salesforce inc, breaking news: technology, business news, alphabet class a,